Firm plans to inject over $6 million of capital improvements in desirable submarket of suburban Minneapolis
ATLANTA (Feb. 7, 2022) – Bridge Investment Group’s (“Bridge”) office subsidiary Bridge Office announced today the acquisition of Excelsior Crossings, a pair of 7-story, Class A office buildings at 9380 and 9350 Excelsior Boulevard in Hopkins, Minnesota near Minneapolis. The 508,590-square-foot property is located on the southern side of the I-394 corridor, the Twin Cities’ leading submarket. The firm also owns West End Office Park, a 560,000-square-foot, Class-A creative office campus in St. Louis Park, just seven miles from Excelsior Crossings.
Excelsior Crossings is centrally located between the 494 and 394 corridors, which is home to numerous corporate headquarters and strategic facilities for Fortune 500 companies, placing the property in the middle of large corporate users. The Southwest Light Rail Green Line, which will run in front of the campus, is scheduled to open in 2023 and will span from Downtown Minneapolis to the Southwest Station in Eden Prairie.
“Excelsior Crossings is a high-quality asset that has been designed with tenant and employee productivity in mind, which will be paramount as companies consider their reentry plans,” said Jeff Shaw, CEO at Bridge Commercial Real Estate. “The property’s accessibility and on-site tenant amenities are key differentiators in the submarket and reflect Bridge’s broader vision of creating next-generation workplaces across the county.”
Developed in 2008, Excelsior Crossings is currently 91% leased and recently underwent a $1.5 million amenity enhancement program to include LEED Gold certification, a fully equipped fitness center with locker rooms, showers and a dance studio, covered parking, a cafeteria and conference center. Bridge plans to invest an additional $6 million in capital and tenant improvements, including upgrades to the courtyard and common areas, kitchen, lobbies and elevator corridors. The property already features manicured landscaping with water features, greenspace and walkways, a full-service, staffed coffee shop and a sprawling cafeteria with indoor and outdoor seating.
“We believe Excelsior Crossings provides a great opportunity to invest in an asset with a rare combination of quality and value in one of Minneapolis’ hottest suburban markets,” said Edward Neblett, Associate at Bridge. “We’re confident our planned capital improvements and the property's unmatched amenities package will make Excelsior Crossings a best-in-class option for future tenants.”
Current tenants include Element Fleet, Digi International and U.S. Bank’s Home Mortgage Division headquarters, which leases 100% of building 9380.
Tom O’Brien with Cushman & Wakefield Capital Markets represented the seller, Colony Capital, in the transaction.
Bridge Commercial Real Estate, LLC, Bridge’s Office operating company, will oversee capital improvements and management at Excelsior Crossings.
About Bridge Investment Group: Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $31.8 billion of assets under management as of September 30, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: multifamily, affordable housing, seniors housing, office, development, logistics net lease, logistics properties, debt strategies and agency mortgage-backed securities.
About Bridge Commercial Real Estate: (“BCRE”) is a fast-rising player in the U.S. commercial office market that specializes in creating desirable, next-generation workspaces. BCRE provides world-class commercial office brokerage services, property management, accounting and commercial construction services for Bridge Office assets. With a proven blueprint that delivers long-term value for tenants and investors, our portfolio includes office properties uniquely positioned in dynamic, high-growth markets across the U.S. and continues to grow. We are laser focused on how companies work today – and will work tomorrow. Headquartered in Atlanta, Georgia and Salt Lake City, Utah, BCRE is a subsidiary of Bridge Investment Group.